Despite the broad sell-off in the crypto market following Mt Gox's moves to pay out its creditors — resulting in over $665 million in daily liquidations — some market makers and investors remain optimistic about bitcoin's midterm prospects.

The amount set to be paid out is “proving to be a burden on Q3,” Co-CEO and co-founder of GSR Rich Rosenblum told The Block.

“It’s almost as much BTC as will be mined in the first year post-halving," he said. "Yet once digested, there is still plenty of time to reach new all-time high before year-end.”

Bitwise President Teddy Fusaro posted on X that despite the current downward pressure on price, “we don't know how many or what % of these coins will ultimately be sold, since distributions of BTC will be made in coin / in-kind.”

Fusaro also pointed …